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Despite currency risk, structure offsets some dangers for investors, although lower credit quality remains
No one is sure when AI's threat will strike, or where
Spread on the triple-A rated notes is 8bp tighter than for the issuer's recent deals
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Telereal Holdings, a joint venture between Land Securities Trillium and the William Pears Group, last Friday launched a £1.8bn securitisation of UK telephone exchanges leased by British Telecom. Lead managed by Schroder Salomon Smith Barney, the deal refinances Telereal's acquisition of the 5,667 properties that comprise BT's fixed line network in early November. Telereal acquired a head lease on the properties, and sub-leased them back to BT for 35 years.
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The first public Portuguese securitisation backed by residential mortgages hit the market this week when Banco Comercial Português (BCP), Portugual's largest private sector banking group, took the pioneering step of securitising over Eu1bn of its mortgage loans. Magellan Mortgages No 1 plc offered three tranches of floating rate notes via bookrunners ABN Amro and UBS Warburg.
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Czech Republic The $70m one year deal for Czech Electrical Company (Cez) will be closed this week.
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Bahrain Arrangers Arab Banking Corporation and SMBC signed banks into the $107m one year deal for Aluminium Bahrain (ALBA) on Friday November 23.
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South Africa BoE Bank's $100m one year deal is progressing well in syndication. Some $30m has already been raised from three banks that have joined the deal.
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Norway Arrangers BayernLB and Den norske Bank have launched the Eu50m three year deal for Finansbanken into general syndication.
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Austria Austrian utility OMV is still to decide which banks will be arranging its new Eu500m facility.
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Bahrain Arrangers Arab Banking Corporation, Bank of Tokyo-Mitsubishi, Citibank, Commerzbank, Gulf International Bank, National Bank of Abu Dhabi and National Bank of Kuwait signed banks into the $100m three year term loan for Bank of Bahrain Kuwait (BBK) yesterday (Thursday).
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A 17-strong arranger group has launched a Eu275m one year loan for Türkiye Garanti Bankasi, helping to restore confidence in the Turkish market. The banks are Alfa Bank, Banca Commerciale Italiana, Banca Monte dei Paschi di Siena, Bank of New York, Bank of Tokyo-Mitsubishi (bookrunner), Barclays, HypoVereinsbank, Commerzbank, Crédit Agricole Indosuez, Deutsche Bank, Dresdner Bank, ING Barings, Mizuho Financial Group, DKB/Fuji (bookrunner), Royal Bank of Scotland, Standard Chartered and Toronto-Dominion Bank.